One in Four Ukrainians Own Crypto!

WhiteBIT, one of Europe’s largest cryptocurrency exchanges, in collaboration with Gradus Research, conducted a survey among Ukrainians to gauge their attitude towards cryptocurrencies and the extent of their adoption in daily life. The findings were surprising and positive: 26% of people in Ukraine own one or more crypto assets. 

The survey sampled residents from large and medium-sized cities with populations exceeding 100,000, who are traditionally more exposed to innovation. Notably, the fact that a quarter of respondents own cryptocurrency is significant for a technology that is less than two decades old. 

For comparison, Ukrainians today invest more in traditional assets like bank deposits (44%) and real estate (59%) than in cryptocurrencies. Yet, traditional investment vehicles such as stocks, precious metals, or bonds attract fewer enthusiasts. 

Ukrainians are turning to cryptocurrencies primarily for their popularity and relevance (47%), investment potential (40%), and the possibility of high returns (38%). Other valued aspects of cryptocurrency include its ability to hedge against inflation and its anonymity.

Among those yet to engage with cryptocurrencies, there is a positive trend: 50% have expressed a general interest in using digital assets, while only 37% are not interested. Thus, the majority of non-users are considering purchasing cryptocurrencies in the future, potentially opening new avenues for industry growth in the country and introducing millions of potential users. 

So why do some people still avoid using cryptocurrencies if they offer such convenience? 64% of Ukrainians cite a lack of knowledge and understanding as the main barrier. 

This gap in understanding led the WhiteBIT exchange to launch educational initiatives. In partnership with the Ministry of Digital Transformation, they introduced the Crypto Literacy and Blockchain program on the Diia.Education platform in 2022. This course provides over 100 hours of essential information about blockchain, cryptocurrencies, and Web3 technologies. WhiteBIT experts developed a module with practical tasks that help users familiarize themselves with exchange functionalities and operations, explore startups and crypto projects, and learn to manage DeFi protocols and launchpads.

Cryptocurrencies are rapidly integrating into all familiar spheres of human life and will play a pivotal role in them. This is why it’s crucial to understand, study, and master blockchain technologies today. This knowledge will help individuals or entire business sectors maintain their competitive edge in future global economic processes,

says Volodymyr Nosov, founder and CEO of WhiteBIT.

WhiteBIT has also created opportunities for achieving a master’s level understanding of cryptocurrencies through a collaboration with the Kyiv-Mohyla Academy. Their master's certificate program in “Blockchain Technologies” for graduate students of the Faculty of Informatics at NaUKMA is the first initiative of its kind in Eastern Europe.

Moreover, 53% of respondents believe that cryptocurrencies represent the future of money and envision them as a new type of currency and financial system. Additionally, 74% of Ukrainians are confident that cryptocurrency offers profitable investment opportunities. This optimism underscores the widespread acceptance and potential for further development of the cryptocurrency sector in Ukraine.